Will the government resort to higher taxes or spending cuts?
Ottawa will unveil a ‘fiscal snapshot’ on Wednesday that will assess the country’s fiscal situation in light of the pandemic that has wrecked economic activity.
Still, the government has introduced, and now extended, a number of programs as the pandemic rages on, that need to be accounted for. The Conservatives wants Ottawa to rein in costs, but the NDP has warned against ending federal assistance prematurely. The Bank of Montreal now expects GDP to contract 6.6 per cent for the year , budget deficit to balloon to $250 billion and debt to GDP ratio to climb to 44 per cent, from 30 per cent previously.
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